From the central bank’s defensive manoeuvres against global energy spikes to major boardroom shifts in the local telco and agribusiness sectors, it has been a pivotal week for the Lion City.
While the MAS tightens its grip on inflation, two of Singapore’s corporate heavyweights are making massive moves to unlock value and reshape their balance sheets.
Welcome to this week’s edition of Top Stock Market Highlights.
MAS Tightens Monetary Policy Amid Middle East Energy Shock
The Monetary Authority of Singapore (MAS) tightened its monetary policy stance on 14 April 2026, slightly increasing the rate of appreciation of the Singapore dollar nominal effective exchange rate (S$NEER) policy band.
The width of the band and the level at which it is centred remain unchanged.
The decision was driven by surging energy costs stemming from severe disruptions to shipping through the Strait of Hormuz since late February 2026.
Higher crude oil, natural gas, and industrial commodity prices are expected to push up Singapore’s import costs and lift MAS Core Inflation to around 2.5% year on year (YoY) for a period before easing to its historical average in the latter part of 2027.
On the growth front, Singapore’s economy expanded at a firm 4.6% YoY in the first quarter of 2026 (1Q2026), though output contracted 0.3% on a quarter-on-quarter seasonally-adjusted basis after strong performance late last year.
GDP growth for the full year is expected to step down from the exceptional 5.0% outturn of 2025, with an updated forecast to be provided in May.
MAS noted that global AI-related capital expenditure and resilient regional electronics production should continue to sustain activity in Singapore’s technology-related sectors, helping to partially offset headwinds from the energy supply shock.
StarHub Divests Ensign InfoSecurity Stake to Temasek in S$115 Million Deal
StarHub Ltd (SGX: CC3) has agreed to hand control of cybersecurity joint venture Ensign InfoSecurity back to co-shareholder Temasek Holdings in a deal valued at S$115 million.
As part of the transaction, StarHub is expected to book a gain on disposal of approximately S$200 million.
Ensign InfoSecurity was formed in 2018 as a joint venture between StarHub and a Temasek subsidiary, combining StarHub’s cybersecurity assets with Temasek-owned Quann.
The company has grown to become Asia’s largest pure-play cybersecurity firm, with operations spanning Singapore, Malaysia, Indonesia, Hong Kong, and South Korea.
StarHub had retained an effective interest of 55.73% in Ensign, and as recently as February 2026, CEO Nikhil Eapen said the group was in “quite advanced stages” of reducing its holding.
The divestment crystallises the value that StarHub has built up in Ensign over the years and delivers a meaningful financial boost to the telco, which reported a 46% decline in net profit to S$86.4 million for the full year 2025 (FY2025).
The proceeds are expected to support StarHub’s balance sheet and ongoing transformation programme.
With Ensign now under Temasek’s full control, the cybersecurity firm will be better positioned to accelerate its regional expansion without the constraints of its current joint venture structure.
Olam Group Shares Jump 8% on Regulatory Approval for Olam Agri Divestment
Shares of Olam Group (SGX: OLG) surged approximately 8% after the company received regulatory approval to proceed with the partial divestment of its agribusiness unit, Olam Agri Holdings, to the Saudi Agricultural & Livestock Investment Company (SALIC).
The transaction, announced in February 2025, involves SALIC acquiring a 44.58% stake in Olam Agri for approximately US$1.78 billion, representing an implied 100% equity valuation for Olam Agri of US$4 billion.
Upon completion of Tranche 1, SALIC will hold a controlling 80.01% stake in Olam Agri, while Olam Group retains a 19.99% stake with a put option exercisable on the third anniversary of closing at the same valuation plus a 6% internal rate of return.
The completion of both tranches is expected to raise total gross proceeds of approximately US$3.87 billion for Olam Group.
The deal forms a key pillar of Olam Group’s broader re-organisation plan, which aims to simplify its portfolio, de-lever its balance sheet, and progressively return capital to shareholders through special dividends.
Upon completion of Tranche 1 alone, Olam Group is expected to realise an estimated gain on disposal of approximately US$1.84 billion.
The company has signalled that proceeds will be used primarily to make the remaining Olam Group debt-free, while also injecting US$500 million into its food ingredients arm, ofi.
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